Canal Insurance CO Acquires 10,000 Shares of Phillips 66 (NYSE:PSX)

Canal Insurance CO increased its holdings in Phillips 66 (NYSE:PSX - Free Report) by 30.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 42,500 shares of the oil and gas company's stock after buying an additional 10,000 shares during the period. Phillips 66 accounts for 1.2% of Canal Insurance CO's investment portfolio, making the stock its 28th biggest position. Canal Insurance CO's holdings in Phillips 66 were worth $5,248,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of PSX. Brighton Jones LLC boosted its holdings in Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock worth $1,166,000 after buying an additional 7,214 shares during the period. Lake Street Advisors Group LLC boosted its holdings in Phillips 66 by 3.4% in the 4th quarter. Lake Street Advisors Group LLC now owns 3,227 shares of the oil and gas company's stock worth $368,000 after buying an additional 106 shares during the period. National Pension Service boosted its holdings in Phillips 66 by 11.9% in the 4th quarter. National Pension Service now owns 1,120,657 shares of the oil and gas company's stock worth $127,676,000 after buying an additional 118,923 shares during the period. NewEdge Wealth LLC boosted its holdings in Phillips 66 by 0.5% in the 4th quarter. NewEdge Wealth LLC now owns 15,199 shares of the oil and gas company's stock worth $1,732,000 after buying an additional 81 shares during the period. Finally, Whipplewood Advisors LLC bought a new position in Phillips 66 in the 4th quarter worth approximately $46,000. 76.93% of the stock is owned by institutional investors.

Insider Buying and Selling at Phillips 66

In other news, Director Robert W. Pease acquired 439 shares of the firm's stock in a transaction on Thursday, May 22nd. The shares were purchased at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the transaction, the director now owns 4,091 shares of the company's stock, valued at $465,760.35. The trade was a 12.02% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Brian Mandell sold 9,800 shares of Phillips 66 stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the sale, the executive vice president now directly owns 56,838 shares in the company, valued at $7,104,750. The trade was a 14.71% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.22% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PSX shares. Wells Fargo & Company cut their price target on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating for the company in a report on Wednesday, June 11th. Wall Street Zen raised shares of Phillips 66 from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Mizuho raised their price target on shares of Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Barclays raised their price objective on shares of Phillips 66 from $106.00 to $115.00 and gave the company an "equal weight" rating in a research report on Monday, May 12th. Finally, TD Cowen raised their price objective on shares of Phillips 66 from $114.00 to $120.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $133.93.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $120.10 on Friday. The stock has a market cap of $48.93 billion, a PE ratio of 27.36, a PEG ratio of 1.86 and a beta of 1.02. The company's fifty day moving average is $114.26 and its 200 day moving average is $116.97. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $150.12. The company has a quick ratio of 0.88, a current ratio of 1.23 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.97). Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. The firm had revenue of $31.92 billion during the quarter, compared to analysts' expectations of $31.93 billion. During the same quarter in the previous year, the firm posted $1.90 EPS. Research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a $1.20 dividend. This is a boost from Phillips 66's previous quarterly dividend of $1.15. The ex-dividend date was Monday, May 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 4.00%. Phillips 66's payout ratio is presently 109.34%.

Phillips 66 Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.

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